Actually, it's been reported by Bob mcKenzie and others that while that's likely the case, if there is no season, but there is a CBA, they will likely redo the lottery. The only way there would be no draft is if there was no CBA agreed to as the draft rules and such are outlined in the CBA.
McKenzie starts talking about the '05 draft in the fifth paragraph.
What I wonder however is how the NHL would fuse the two draft years. I mean, would there be twice as many picks as well as players? If a team has 2 1sts in '05 and 1 in '06, would they then get 3 in the uber draft? And if so, how would you determine the top pick (AKA Crosby)?
I really worry about the backlash to that personally...